Lista DAO Partners with Gauntlet to Curate Four Lending Vaults on BNB Chain

Lista DAO has selected Gauntlet as the curator for three of its first-party lending vaults on BNB Chain, and a new USDT vault. Gauntlet is now the primary curator of the new Gauntlet USDT Vault, and co-curator with Lista DAO on the Gauntlet × Lista USD1, BNB, and U vaults. This is Gauntlet's first major curation deployment on BNB Chain, and a significant expansion of our curation practice into one of the deepest onchain liquidity environments in crypto.

Why Lista, Why BNB Chain

Lista DAO is one of the largest protocols on BNB Chain by DeFi TVL, with a flywheel that spans liquid staking (slisBNB), a CDP stablecoin (lisUSD), and Lista Lending, its isolated-markets lending stack. Launched in April 2025, Lista Lending has grown into one of the largest lending markets on BNB Chain, supporting dozens of isolated markets and multiple supply-side vaults, both first-party and permissionlessly created by third parties.

Three of the four vaults Gauntlet is now co-curating are Lista's first-party vaults, the primary on-ramps supplier liquidity flows through on Lista Lending. They collectively aggregate liquidity across a wide set of isolated markets and route it to borrowers on BNB Chain.

BNB Chain has long been underserved by institutional-grade risk curation. It has the liquidity, the borrower base, and a mature set of oracle providers. What it has lacked is a curation layer built for scale. Lista is the right partner to change that.

What's Launching on April 20

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On the Gauntlet USDT Vault, every parameter, including risk configuration, market allocation, and exposure limits, is fully managed by Gauntlet's quantitative models. On the Gauntlet × Lista USD1, BNB, and U vaults, Gauntlet takes over day-to-day operations and active strategy optimization, including yield optimization and risk management, while Lista DAO retains protocol-level governance and oversight.

Our Curation Approach

Gauntlet is the premier curator in DeFi, with 80+ Gauntlet-curated vaults across Aera, Morpho, Kamino, and Symbiotic, and $2B+ in curated TVL. Building on eight years of cryptoeconomic research, our models safeguard tens of billions in digital assets across the crypto ecosystem. That same quantitative foundation now curates Lista's first-party lending vaults on BNB Chain.

For every vault we curate, our practice spans three continuous workstreams:

• Asset and market due diligence. Every collateral we onboard passes a credit, oracle, and liquidity assessment, with explicit scrutiny on redemption pathways, oracle robustness, and liquidation viability on BNB Chain venues such as PancakeSwap. Markets that fall short of our standards are candidates for deprecation during our first curation cycles.
• Parameter calibration. Borrow caps, supply caps, and LLTVs are sized to each market's onchain liquidity, borrower behavior, and the correlation between the collateral and the vault's base asset. Our models explicitly account for the feedback loop between utilization, borrow APY, and the capital available to absorb liquidations.
• Ongoing allocation. Our allocation system continuously optimizes the split of vault liquidity across whitelisted markets, targeting the best risk-adjusted yield available to suppliers. Allocations react to market-level utilization, rate regimes, and changes in underlying asset risk in real time, not on a fixed schedule.

What This Means for Suppliers

For users already supplying to these vaults, nothing changes at the user level. Moving forward, Gauntlet and Lista DAO will work closely on risk curation across all four vaults. For more on how we approach curation, see the Gauntlet VaultBook.

Joining the BNB Chain Ecosystem

This launch is Gauntlet's formal entry into the BNB Chain DeFi ecosystem as a curator. We're excited to build with the Lista team and the wider BNB Chain community on a credit layer that can scale without compromising on risk. The partnership also opens the door to future vault categories on Lista, and we'll have more to share on that roadmap in the weeks ahead.

What's Next

• April 29, 2026, X Spaces AMA (4 PM UTC / 11 AM EST / 12 AM UTC+8): "Curating the Future of BNB Chain Liquidity: Lista × Gauntlet." Hosted by Lista DAO, featuring Gauntlet and BNB Chain speakers. We'll walk through the vault mandates, the risk methodology behind them, and the BNB Chain roadmap, and take questions live. Get notified here.
• Ongoing: Performance reporting and market-change notes on each vault, published alongside our broader curation disclosures.

For more on Gauntlet's vault curation practice, visit gauntlet.xyz and the Gauntlet VaultBook. To explore the vaults directly, head to lista.org/lending.

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